Anfield Resources Announces Resource Report for First of 24 Uranium Projects in Wyoming04 Apr 2017
VANCOUVER, BC–(April 04, 2017) – Anfield Resources Inc. (TSX VENTURE: ARY) (OTCQB: ANLDF) (FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce the receipt of an NI 43-101 mineral resource technical report for the Red Rim uranium project, entitled “Red Rim Uranium Project, Mineral Resource Technical Report, National Instrument 43-101, Carbon County, Wyoming, USA” and dated March 31, 2017 (the “Red Rim Report”). Further to Anfield’s news release of March 21, 2017, the Red Rim Report is the first in a series of NI 43-101 technical reports related to Anfield’s 24 Wyoming uranium projects. The report was completed by BRS, Inc., a consulting and engineering firm with nearly 40 years of experience assessing Wyoming uranium projects.
The resource estimate includes:
- an Indicated Resource of 336,655 tons of mineralized material with an average grade of 0.170% (equivalent to an Indicated Resource of 1,142,449 pounds of U3O8); and
- an Inferred Resource of 472,988 tons of mineralized material with an average grade of 0.163% (equivalent to an Inferred Resource of 1,539,447 pounds of U3O8).
Corey Dias, Anfield’s CEO stated, “This report is a significant first step in identifying and delineating the uranium resource on the Company’s properties in Wyoming, an important part of our multi-state U.S. portfolio. Over the coming months we aim to delineate further uranium resources on our acquired Wyoming properties and plan to identify the most prospective. Crucially, Anfield has a Resin Processing Agreement in place with Uranium One in Wyoming whereby it can process up to 500,000 pounds of uranium per year at Uranium One’s Irigaray Central Processing Plant, and the pairing of a future viable uranium resource with that Agreement would place Anfield in a strong position to take advantage of the expected uranium price rebound.
This expected rebound converges with Anfield’s strategy of acquiring quality uranium assets and proceeding with disciplined, staged development. We are confident that developing these Wyoming Properties, in line with Company strategy, will be a significant step towards becoming a top-tier U.S. uranium producer.”
A summary of the Indicated Mineral Resource included in the Red Rim Report is presented in Table 1.1. A summary of the Inferred Mineral Resource included in the Red Rim Report is presented in Table 1.2.
Table 1.1 Indicated Mineral Resources
|GT minimum||Pounds % eU3O8||Tons||Average Grade %eU3O8|
Table 1.2 Inferred Mineral Resources
|GT minimum||Pounds % eU3O8||Tons||Average Grade %eU3O8|
Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. Inferred Mineral Resources are too speculative geologically to have the economic considerations applied to them which would enable them to be categorized as mineral reserves.
The Red Rim project comprises approximately 1,000 acres of the mineral holdings of Anfield, and includes 49 unpatented mining lode claims located approximately 20 air miles southwest of Rawlins, Wyoming. The data used in the report utilizes drill intercept data from 2 core holes and 136 rotary drill holes, including drill intercepts and geophysical logs.
The Red Rim project is located in an area that is the winter range for Pronghorn antelope. This may result in seasonal stipulations for field activities, including drilling. To the best of our knowledge there are no other legal or environmental matters that could materially affect the potential development of these resources.
Radiometric equilibrium was assumed.
A unit weight of 125 pounds per cubic foot or 16 cubic feet per ton was assumed, based on the Author’s experience working in operating mines in the Gas Hills within similar tertiary sandstone uranium deposits where reserve estimates were routinely compared to actual production.
For indicated mineral resources the mineralized trend was bracketed by drilling and mineral resources were estimated using the GT contour method.
For inferred mineral resources, where the mineralized trend was not fully defined by drilling, at the interpreted location of the oxidation/reduction interface a thickness of 6 feet thick at an average grade of 0.15% eU3O8 was assumed. Further it was assumed that mineralization in excess of a 0.5 GT extended approximately 50 feet either side of the interpreted oxidation/reduction interface and that mineralization grading down to a GT of 0.1 extended an additional 50 feet beyond that. These assumptions were based on the areas of close spaced drilling where indicated mineral resources were estimated. GT contouring was completed within these limits and honored available drill data.
NI 43-101 Disclosure
The NI 43-101 Resource Technical Report completed for Red Rim has been authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.
A technical report on the Resource Technical Report will be published on the System for Electronic Analysis and Retrieval (“SEDAR”) and the Company’s website within the 45 days permitted under NI 43-101.
BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.
Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with 40 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm’s experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium.
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centres, as summarized below:
Arizona/Colorado/Utah – Shootaring Canyon Mill
A key asset in Anfield’s existing portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has also signed a Resin Processing Agreement with Uranium One wherein Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming. In addition, should Anfield sign uranium sales contracts, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its contracts.
Anfield’s ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
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